Palmer Square Capital BDC (NYSE:PSBD) Downgraded by Oppenheimer to Market Perform

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) was downgraded by equities research analysts at Oppenheimer from an "outperform" rating to a "market perform" rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $14.00 price objective on the stock, down from their prior price objective of $17.00. Oppenheimer's price objective indicates a potential upside of 13.18% from the company's current price.

Several other brokerages have also weighed in on PSBD. JPMorgan Chase & Co. cut their target price on Palmer Square Capital BDC from $16.00 to $13.50 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. UBS Group cut their price target on Palmer Square Capital BDC from $16.50 to $14.00 and set a "neutral" rating on the stock in a research report on Thursday, April 17th.

Palmer Square Capital BDC Price Performance

Shares of NYSE PSBD traded up $0.31 during midday trading on Friday, hitting $12.37. 31,106 shares of the company's stock were exchanged, compared to its average volume of 28,906. Palmer Square Capital BDC has a twelve month low of $11.51 and a twelve month high of $16.85. The company has a market cap of $403.41 million, a PE ratio of 6.44 and a beta of 0.63. The firm's fifty day simple moving average is $13.56 and its 200-day simple moving average is $14.96.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). Palmer Square Capital BDC had a return on equity of 11.97% and a net margin of 41.67%. The business had revenue of $31.21 million for the quarter, compared to analyst estimates of $32.55 million. Equities analysts anticipate that Palmer Square Capital BDC will post 1.96 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, President Matthew L. Bloomfield bought 4,000 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $15.48 per share, with a total value of $61,920.00. Following the completion of the acquisition, the president now owns 41,478 shares in the company, valued at approximately $642,079.44. This trade represents a 10.67% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Mariner LLC increased its holdings in shares of Palmer Square Capital BDC by 97.7% in the fourth quarter. Mariner LLC now owns 2,275,470 shares of the company's stock valued at $34,587,000 after purchasing an additional 1,124,766 shares during the period. 1248 Management LLC acquired a new position in shares of Palmer Square Capital BDC in the fourth quarter valued at approximately $34,064,000. Pandi LLC acquired a new position in shares of Palmer Square Capital BDC in the fourth quarter valued at approximately $13,860,000. Bienville Capital Management LLC increased its holdings in shares of Palmer Square Capital BDC by 61.9% in the fourth quarter. Bienville Capital Management LLC now owns 676,406 shares of the company's stock valued at $10,606,000 after purchasing an additional 258,643 shares during the period. Finally, Sunesis Advisors LLC acquired a new position in shares of Palmer Square Capital BDC in the first quarter valued at approximately $6,287,000. Institutional investors and hedge funds own 6.52% of the company's stock.

About Palmer Square Capital BDC

Palmer Square Capital BDC Inc is an externally managed, non-diversified closed-end management investment company which primarily lends to and invests in corporate debt securities, including small to large private U.S. companies and has elected to be regulated as a business development company. Palmer Square Capital BDC Inc is based in MISSION WOODS, Kan.